Do you have a potential rental shortfall which could prevent you obtaining a Buy to Letmortgage?
HAVE YOU HEARD OF TOP-SLICING WHEN IT COMES TO BUY TO LET MORTGAGES?TOP SLICING IS WHERE A LENDER WILL ACCEPT SURPLUS INCOME TO COVER ANY RENTAL SHORTFALLTOP SLICING FOR BTL MORTGAGES
Allows applicants to utilise surplus personal earned income to support their BTL application
Top-slicing must be evidenced by income and expenditure - minimum individual income on these applications is £50,000 for single, or £75,000 on joint incomes
Up to maximum of 4 applicants considered Rental income (including any top-slicing) must provide 140% cover of the mortgage interest amount calculated at a 5.5% stress rate.
Surplus earned income can be considered where the rental income is equal to, or greater than 100% cover of the mortgage interest amount calculated at the lenders 5.5% stress rate.
Max age at the end of the...